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Shannon M. Krueger
- 6 Answers
- 4 Listings
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Experience:
Associate Broker for Windermere Commencement Assoc.
October 2007—present
Associate Broker for Apple Realty
January 1982—January 1985
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Certifications
& Awards:
& Awards:
Annual Awards:
Annual Multi-million dollar production since 1988 ... show more
Annual Multi-million dollar production since 1988 ... show more
Interests:
Mother of 2 sons - Christopher graduated from UPS & John Zachary attending
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About:
Helping you to realize your Homeownership Dreams
For Buyers—we’ll provide you with detailed, up to date ... show more
For Buyers—we’ll provide you with detailed, up to date ... show more
Shannon M. Krueger answered:
Hi Suzanne,
I am familiar with the home you are considering, and know the listing agent as well. It does sound like VA is out of the picture, but there are other possibilities for you. And that home is still available as of today!
Your best option is probably to go FHA, which requires a 3% down payment, and do what is called a 203K or 203K streamlined, in order to do the work after closing. With the streamline version, you can do repairs, post closing, up to $35,000, and with the regular program, even higher. The property appraisal and loan are calculated based on the finished quality of the home, and the funds for repair are taken like draws, from the available repair money that is set aside for the work.
Of course, you would need the down payment, but I think the home will qualify for the down payment assistance program offered by Tacoma, and if not, then Pierce County also has a similar program. The net effect can be Zero down.
Working with a lender who specializes in these types of loans is recommended, as they are more involved than a normal loan, but it sounds like the property you are interested in is worth the effort!
I am familiar with the home you are considering, and know the listing agent as well. It does sound like VA is out of the picture, but there are other possibilities for you. And that home is still available as of today!
Your best option is probably to go FHA, which requires a 3% down payment, and do what is called a 203K or 203K streamlined, in order to do the work after closing. With the streamline version, you can do repairs, post closing, up to $35,000, and with the regular program, even higher. The property appraisal and loan are calculated based on the finished quality of the home, and the funds for repair are taken like draws, from the available repair money that is set aside for the work.
Of course, you would need the down payment, but I think the home will qualify for the down payment assistance program offered by Tacoma, and if not, then Pierce County also has a similar program. The net effect can be Zero down.
Working with a lender who specializes in these types of loans is recommended, as they are more involved than a normal loan, but it sounds like the property you are interested in is worth the effort!
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